INCOMETAX Related
m.prasad (B.Com) (128 Points)
05 January 2021
good morning to all, GIFT CAN RECEIVE cash from attagaru, Rs.10 lakhs, it exempted from income tax or taxable
6 Replies
Smit Shah
(524 Points)
Replied 05 January 2021
No as mother in law is considered as relative and it is exempted
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 05 January 2021
It is exempt under IT act
rama krishnan
(12239 Points)
Replied 05 January 2021
Though it's exempted income, section 269ST may attract
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 05 January 2021
But if payment is made through cheque or bank draft or account payee cheque other than cash then it will not attract 269st
Balamurali Unnithan MS
(STUDENT)
(1631 Points)
Replied 05 January 2021
Through cash allowed Rs .20000 per transaction ,through bank Rs .200000 lakh per transaction !
Otherwise Sec .269ST applied
Otherwise Sec .269ST applied
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